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Natural gas-focused SPAC Constitution Acquisition withdraws $200 million IPO

January 23, 2023

Constitution Acquisition, a blank check company formed by Old Ironsides targeting the natural gas value chain in North America, withdrew its plans for an initial public offering on Monday. It had filed in December 2021 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-half of a warrant. The company had not updated its prospectus since March 2022. 

The company was set to be led by CEO and Director Bruce Selkirk, the former CEO of Crossing Rocks Energy Partner and Crossing Rocks Energy II. Old Ironsides Energy co-founders and Managing Partners Sean O'Neill and Daniel Rioux would have served as Directors. The company had planned to target candidates in the natural gas value chain in North America, focusing on opportunities across the upstream, midstream, downstream, and power sectors, as well as other adjacent products, services, and technologies.

The Waltham, MA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol USSCU. Cowen and Intrepid Partners were set to be the joint bookrunners on the deal.